EU & US conclude first round of TTIP negotiations

The final agreement could see EU exports to the US rise by 28%, earning its exporters of goods and services an extra €187 billion every year. Consumers will benefit too: on average, the agreement could offer an extra €545 in disposable income each year for a family of four living in the EU (MEMO/13/211).

The European Union and the United States have their eyes on more than just removing tariffs. Tariffs between them are already low (on average only 4%) so the main hurdles to trade lie 'behind the border' in regulations, non-tariff barriers and red tape. Estimates show that 80% of the overall potential wealth gains of a trade deal will come from cutting administrative costs, as well as from liberalizing trade in services and public procurement.

That's why the two trading giants will reinforce their regulatory cooperation, so as to create converging regulations rather than have to try to adapt them at a later stage. The aim is to build a more integrated transatlantic marketplace, while respecting each side's right to regulate in a way that ensures the protection of health, safety and the environment at a level it considers appropriate. Both sides hope that by aligning their domestic standards, they will be able to set the benchmark for developing global rules. Such a move would be clearly beneficial to both EU and US exporters, but it would also strengthen the multilateral trading system.

European Commission